The first thing that comes in the mind of a taxpayer is to know who can requests a tax extension, it is important that a tax payers knows the details of all the advantages they can get during the tax payment process. Tax extension can be applied by those who have complicated financial situations and need more time to assemble their tax return. It is usually requested by people and businesses that do not have all of their information ready to file at the “Tax Day”.
Another problem that needs to be clarified is that tax payers are keen to know the method of applying for the tax extension. Tax extension can be applied simply by filling a tax extension form and submitting it before the Tax Day to the IRS.
So, how do you file a tax extension? There are 3 different ways:
- Fill the e-file Tax Form 4868 online
- File a paper Form 4868 by mail
- Use EFTPS (Electronic Federal Tax Payment System) to pay all or part of your income tax due with your credit/debit card.
An important thing that you need to know about tax extension is that it gives you more time to file your income tax return, but it does not extend the deadline for paying the tax you owe for that year. You are always expected to pay your income tax to the IRS on-time or else you will be charged late fees, penalties, and interest. This means that you need to know how much tax you owe and be ready to submit payment by April 15, whether or not you are requesting a tax extension.
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